Vancouver, British Columbia, Canada – September 14, 2023 – American Future Fuel Corporation (CSE: AMPS; OTCQB: AFFCF; FWB: K14, WKN: A3DQFB) (the “Company” or “American Future Fuel”), a junior uranium exploration company, applauds the September 11, 2023 announcement, as reported in EuroNews[1], that Romania has become the first European nation to embrace Small Modular Reactor (SMR) Technology through an unprecedented collaboration with the United States under its ‘Project Phoenix’.
The Project Phoenix, a visionary initiative first unveiled by U.S. Special Presidential Envoy for Climate John Kerry during the UN Climate Change Conference in Sharm El-Sheikh, Egypt (COP27), in November 2022 represents a monumental stride towards expediting the global transition to a clean energy future. The project’s core mission is to facilitate the conversion of coal-fired power plants into cutting-edge small modular reactor (SMR) nuclear energy generation facilities. These state-of-the-art SMRs, designed with advanced safety, security, and non-proliferation features, offer numerous benefits, including flexibility in land use, reduced capital investment, and the capacity to address diverse energy needs.
Romania’s pivotal role as the first country outside the United States to embrace SMR technology is commendable. This groundbreaking initiative will seek to replace outdated coal-fired power stations with advanced, environmentally friendly nuclear reactors. The project in Doicești, located just north of Bucharest, is set to create over 2,000 jobs and mitigate the production of a staggering 4 million tonnes of carbon dioxide annually. Romania’s commitment to clean energy sets a remarkable example for the world.
Furthermore, American Future Fuel Corporation acknowledges the concurrent and integral role to be played by the Polytechnic University of Bucharest in the groundbreaking step towards a greener future, as the University will become the European ‘hub’ for training future nuclear energy specialists from all over Europe.
American Future Fuel Corporation applauds all stakeholders involved in Project Phoenix for their dedication to advancing clean energy solutions and creating a brighter, more sustainable world for generations to come. We remain steadfast in our support of these efforts and look forward to witnessing the positive impact of these groundbreaking initiatives.
This groundbreaking partnership ushers in a new era of sustainable energy and solidifies Romania’s commitment to a greener future.
Romania’s forward-looking vision and dedication to energy innovation have led to the monumental achievement of securing SMR Technology, positioning the nation at the forefront of clean energy advancements in Europe. The collaborative effort between Romania and the United States marks a historic milestone that promises to revolutionize the energy landscape across the continent.
GRANT OF STOCK OPTIONS
The Company announces that its Board of Directors has approved the grant of 7,950,000 incentive stock options (“the Options”) to directors, officers, and consultants of the Company, in accordance with the Company’s equity incentive plan. These Options entitle the recipients to purchase an aggregate of up to 7,950,000 common shares (“the Common Shares”) of the Company. The Options are exercisable on or before September 14, 2028, at an exercise price of $0.38 per Common Share. The Options, and any Common Shares issued upon exercise of such Options, are subject to a four month and one day hold period, expiring on January 15, 2024.
ABOUT AMERICAN FUTURE FUEL
American Future Fuel Corporation is a Canadian-based resource company focused on the strategic acquisition, exploration and development of alternative energy projects. The Company holds a 100% interest in the Cebolleta Uranium Project, located in Cibola County, New Mexico, USA, and situated within the Grants Mineral Belt, a prolific mineral belt responsible for approximately 37% of all Uranium produced in the United States of America.
On behalf of the Board of Directors,
AMERICAN FUTURE FUEL CORPORATION
David Suda, Chief Executive Officer
For further information, contact:
David Suda at [email protected]
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain capital markets; and delay or failure to receive regulatory and other approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
[1] Euronews Romania – Romania First Country First Country Outside Of The US To Have Small Modular Nuclear Reactor (SMR) Technology
